From business park to thriving Sydney community: the continuing evolution of Norwest
With an emphasis on sustainable living, the new Norwest Quarter masterplan is already attracting attention
4 min
There are many aspects that attract potential homeowners and investors in the apartment sector. For some, it’s about potential for capital growth and yield on their property. For most, though, it’s all about location.
For the longest time, Norwest in Sydney’s Hills District was best known as a business park bordering the neighbouring suburbs of Kellyville, Castle Hill and Baulkham Hills. In recent years, however, it has become home to a thriving community attracting a diverse group of residents across a range of demographics. Scratch the surface and it’s not hard to see why.
In addition to the business park, which continues to provide significant employment opportunities, the suburb is well serviced by schools and shopping precincts. With public transport links including Norwest Metro Station and bus services offering connection to the rest of Greater Sydney — part of a $9 billion investment in infrastructure — it’s no surprise that the Norwest apartment market has experienced strong growth over the past three years. This has been fuelled in part by projected population growth, with Transport NSW forecasting an average increase of 1.3 percent between now and 2037. The result is an additional 5,400 dwellings will be required over the next 15 years.
As demand for housing continues to exceed supply, prices are already on the move.
The median unit price in Norwest has increased by 6.3 percent per annum over the past 10 years and median sales price went up 8.7 percent in the past 12 months across 328 settled transactions. For prepared buyers and investors, opportunities to buy into the area should be seized upon.
Property developer Mulpha has been ahead of the curve in Norwest, with more than 30 years in the area spent developing the $2.5 billion commercial, retail and residential estate.
The release of its ground-breaking Norwest Quarter development is now poised to set a new standard for residential development in the Hills District, with a focus on liveability and sustainability.
Significantly, the mixed used development will provide housing for more than 2,000 residents across eight residential towers containing 864 apartments. Stage 1 has been designed by award-winning architectural firm Bates Smart and Smart Design Studio in consultation with environmental sustainability firm Finding Infinity and urban heat researchers at Western Sydney University. The development will not only aim to achieve carbon zero status, it will be a pleasure for residents to live in as well. Residential amenities will include EV charging points and community gardens with 70 percent of the 3.8ha site dedicated to open green space. The all-electric fit out of apartments will be off set by rooftop solar panels.
Beyond the residential design, Norwest Quarter will provide 6000sqm of space for cafes, restaurants, shops and services — everything that makes for vibrant, thriving neighbourhoods. And what makes good sense for residents makes a sound choice for investors.
Mulpha’s Head of Development, Tim Spencer said the demand for quality apartments in Norwest reflects a change in mindset in how people view apartment living.
“The demand for quality apartments will continue to grow not just due to relative affordability but also the lifestyle benefits,” he said.
“These include being able to live in a great location close to transport connections, education and public amenities, parks and recreational facilities, all within a vibrant community.
“This is increasingly appealing to a broad range of people from singles, couples and families, to empty nesters who want convenience and community. With people enjoying busy and active lifestyles through all stages of life, many people don’t want the responsibility, time commitment and cost of maintaining a house and garden.
“Of course, the most important consideration with buying any apartment is the quality of design and construction, by a developer with a strong track record and commitment to the area who stand behind their product.”
Norwest apartment purchaser, retired professor Lindsay Wasson, agrees. Having recently sold an apartment he owned with his wife at Norwest Lake — in Mulpha’s Watermark building — the couple have just bought a north-facing apartment in Norwest Quarter with full-length balcony.
“The apartment we have bought in Norwest Quarter is all-electric with double glazing, solar roof panels, high-rating insulation, water and energy efficiency, EV charging in car spaces and the list goes on,” Mr Wasson said.
“Combine these great elements (earning a NatHERS rating of 7.8) with Mulpha’s outstanding build quality, and the confidence we have in the company, buying into Norwest Quarter is probably the best decision we have ever made.”
Mr Wasson said he and his wife are confident they’ve made a sound choice.
“We are excited by the development and absolutely relaxed about the purchase,” he said. “We know we are buying from a quality developer who has earned our trust over many years. While this purchase is not for investment purposes, we also know that this future-proof building can only increase in value as an exemplar of design excellence and high-level sustainability.”
For more information, visit norwestquarter.com.au
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Australia’s housing affordability crisis is being fuelled by chronic undersupply, planning delays and rising development costs, as politicians continue to focus on the wrong solutions.
3 min
Australia’s housing crisis will not be solved by first-home buyer incentives or tax changes alone, with leading property figures warning governments must tackle supply constraints if affordability is to improve.
Speaking at the Kanebridge Quarterly Property Leadership Summit in Sydney last week, expert project marketing specialist Sam Elbanna, property investor and fund manager Paul Miron and property consultant Karla McNeice said that a lack of housing supply remained the central issue facing the market.
Elbanna, Director of CPM Realty with more than 30 years’ experience in project sales, argued that successive governments had focused too heavily on stimulating demand rather than addressing the barriers preventing new housing from being delivered.
“The misconception is that politicians think the way to solve the housing crisis is to drive demand,” he said.
“The reality is that’s not the way. This is a supply-side problem, and it needs to be solved on the supply side.”
Drawing on his experience in project sales, Elbanna said policies designed to help first-home buyers often had unintended consequences, pointing to previous grants that ultimately flowed through to higher property prices.
Instead, he said developers were facing increasing red tape, approval delays and rising costs, which were discouraging new housing supply.
“In the absence of stock, demand exceeds supply,” he said.
Miron, a Co-Founder and Fund Manager of Msquared Capital, said the housing debate had become overly focused on tax policy while overlooking broader structural issues.
He argued that affordability challenges stemmed from a combination of factors, including planning constraints, supply shortages, migration levels and interest rates.
“No-one can be 100 per cent certain on the real reason for property prices is going up,” he said.
“The reason why property prices are higher is a combination of interest rates, lack of supply, migration, vacancy rates and maybe taxes play a role.”
Miron was critical of recent federal housing policy changes, warning they could reduce the number of new homes being built and further constrain supply that was even highlighted in the budget.
He also highlighted the importance of the property sector to the broader economy, noting that residential real estate and related industries employed more than one million Australians.
McNeice, who advises developers on sales strategy and market intelligence, said understanding buyers had become increasingly important as affordability pressures intensified.
While affordability remained a major consideration, she said today’s buyers were focused on value rather than simply price.
“People are looking for value for money,” she said.
She said buyers were increasingly evaluating factors such as transport connections, walkability, nearby amenities and flexible living spaces that could accommodate changing family needs.
“What infrastructure is going on? Can I walk to the shops? Can I meet people at the local cafe?” she said.
The panel also discussed the mounting pressures facing developers, with Elbanna arguing that many projects become financially unviable from the moment a site is purchased.
“The viability of a development happens at the moment the site is bought,” he said.
He said rising construction costs, higher interest rates and overly optimistic feasibility assumptions had left some developers exposed as market conditions changed.
While acknowledging the growing number of smaller and first-time developers entering the market, Elbanna said property development required expertise across finance, construction, marketing and legal disciplines.
“It is actually a business that requires a level of expertise,” he said.
Looking ahead, the panel agreed opportunities remained in the market despite current challenges.
Miron said property should continue to be viewed as a long-term investment and cautioned against trying to time short-term market movements.
McNeice said success would increasingly depend on identifying projects that genuinely met changing buyer expectations.
Elbanna said affordable housing remained achievable, but developers needed to deliver more than just homes.
“We can provide affordable housing in this country,” he said.
“But we’ve got to wrap that affordable housing with the things that people want.”
As Australia’s housing affordability debate intensifies, the panellists agreed on one point: without a meaningful increase in housing supply, demand-side measures alone are unlikely to solve the nation’s property challenges.
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